PUBLISHER: The Business Research Company | PRODUCT CODE: 1414414
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414414
“Military Electro-Optics/Infrared (EO/IR) Systems Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on military electro-optics/infrared (eo/ir) systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for military electro-optics/infrared (eo/ir) systems? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The military electro-optics/infrared (eo/ir) systems market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A military electro-optics/infrared (EO/IR) system is a technological system that integrates both electro-optics and infrared capabilities to collect and process information from the electromagnetic spectrum. This system combines various devices and components to facilitate the detection, imaging, tracking, and analysis of targets or objects using both visible light and infrared radiation.
The primary products included in military electro-optics/infrared (EO/IR) systems are handheld systems and EO/IR payloads. Handheld systems are portable electronic devices designed to be operated while held in the hand or carried by an individual. These systems comprise components such as human-machine interfaces, stabilization units, control systems, optics, sensors, and processors. Various types of imaging technology are employed, including scanning, starring, hyperspectral, and multispectral. Military EO/IR systems are deployed on different platforms, including land, airborne, and naval, for applications such as military intelligence, surveillance, and reconnaissance.
The military electro-optics/infrared (EO/IR) systems market research report is one of a series of new reports from The Business Research Company that provides military electro-optics/infrared (EO/IR) systems market statistics, including military electro-optics/infrared (EO/IR) systems industry global market size, regional shares, competitors with a military electro-optics/infrared (EO/IR) systems market share, detailed military electro-optics/infrared (EO/IR) systems market segments, market trends and opportunities, and any further data you may need to thrive in the military electro-optics/infrared (EO/IR) systems industry. This military electro-optics/infrared (EO/IR) systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The military electro-optics/infrared (eo/ir) systems market size has grown strongly in recent years. It will grow from $9.75 billion in 2023 to $10.47 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The expansion observed in the historical period can be attributed to increased threats and conflicts, the modernization of military platforms, counterinsurgency operations, border surveillance requirements, and search and rescue missions.
The military electro-optics/infrared (eo/ir) systems market size is expected to see strong growth in the next few years. It will grow to $13.54 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth in the forecast period can be attributed to geopolitical instabilities, a growing emphasis on unmanned systems, the development of counter-drone capabilities, advancements in targeting and fire control, and an increased focus on natural disaster response. Major trends expected in the forecast period include the integration with command and control (C2) systems, the development of 3D imaging technologies, advances in image processing algorithms, a heightened focus on cybersecurity for EO/IR systems, and their application in urban warfare and asymmetric threat environments.
The anticipated increase in demand for intelligence, surveillance, and reconnaissance (ISR) is poised to drive the growth of the military electro-optics and infrared (EO/IR) systems market in the future. ISR, a military concept encompassing the organized collection and dissemination of precise, timely information to support decision-making, relies on Electro-Optical Infra-Red (EO/IR) systems for sensor technology. These systems play a crucial role in distributed ISR across military airborne, land-based, and naval platforms. According to the Defense Intelligence Agency's March 2022 report, there were 550 ISR satellites supporting military activities in 2022, marking a substantial increase from a decade ago when there were nearly 100 ISR satellites. Additionally, Skykam Technical Inspection reported that as of December 2022, the FAA registered 855,860 drones in the United States, with 37% (316,075) designated for commercial operations, particularly for ISR activities. Therefore, the growing demand for ISR capabilities is a key driver propelling the military electro-optics and infrared (EO/IR) systems market.
The rise in geopolitical tensions is expected to contribute to the growth of the military electro-optics and infrared (EO/IR) systems market. Geopolitical tensions, driven by conflicts, disputes, or increased competition between nations, create a demand for advanced military technologies, including EO/IR systems, to enhance situational awareness and surveillance capabilities. According to a survey by Oxford Economics in August 2023, approximately 36% of businesses identified geopolitical tensions as top risks, with over 60% considering them a 'very significant risk' to the global economy. As geopolitical tensions escalate, the need for advanced EO/IR systems in the military is likely to increase, further driving market growth.
The integration of artificial intelligence emerges as a prominent trend gaining traction in the military electro-optics and infrared (EO/IR) systems market. Companies in this market are actively pursuing the integration of artificial intelligence to maintain their competitive edge. For instance, Raytheon Technologies Corporation introduced RAIVEN in April 2023-an electro-optical intelligent-sensing capability for EO/IR systems. RAIVEN leverages artificial intelligence, hyperspectral imaging, and light detection and ranging (LiDAR) to enhance platform durability and protect warfighters. This intelligent-sensing capability allows operators to achieve up to five times greater precision in target surveillance compared to conventional optical imaging, providing a strategic advantage against adversaries.
Major companies in the military electro-optics and infrared (EO/IR) systems market are emphasizing product innovations, exemplified by offerings such as Point Blank. This tactical missile system, designed for use by small tactical units, aims to enhance lethality by providing an independent capability. Israel Aerospace Industries Corporation unveiled the Point Blank in January 2023-a hand-launched electro-optical guided missile carried in a soldier's backpack. Equipped with advanced electro-optical systems, Point Blank allows real-time surveillance information validation and collection, facilitating high-precision target targeting and real-time strikes.
In May 2021, Teledyne Technologies acquired FLIR Systems Inc. for $57.40 billion. This strategic acquisition enhances Teledyne's portfolio by providing comprehensive capabilities from X-ray to infrared, spanning electronic components to complete imaging systems. FLIR Systems Inc., a leading thermal imaging and infrared camera manufacturer, brings valuable expertise to the military electro-optics and infrared (EO/IR) systems market within Teledyne Technologies.
Major companies operating in the military electro-optics/infrared (eo/ir) systems market report are Raytheon Technologies Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, Thales Group, L3Harris Technologies Inc., BAE Systems PLC, Leonardo SpA, Elbit Systems Ltd., Rheinmetall AG, Ultra Electronics Holdings, Theon Sensors SA, Safran SA, Excelitas Technologies Corp., General Dynamics Corporation, PVP Advanced EO Inc., Textron Inc., Teledyne FLIR, Leidos Holdings Inc., Logos Technologies, Moog Inc., Apie Group, The Boeing Co., CONTROP Precision Technologies, Alpha Design Technologies, SPI Corp, Tonbo Imaging, UTC Aerospace Systems, Zhejiang Dali Technology Co. Ltd., Luminator Technology Group, Curtiss-Wright Corporation
North America was the largest region in the military electro-Optics/Infrared (EO/IR) Systems market in 2023. The regions covered in the military electro-optics/infrared (eo/ir) systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the military electro-optics/infrared (eo/ir) systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The military electro-optics/infrared (EO/IR) system market consists of sales of radar systems, lidar systems, and electro-optical targeting systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.